iFast Q2 profit falls 65.2% on lower revenue, higher staff costs

ONLINE investment products distributor iFAST Corporation on Friday posted a 65.2 per cent drop in second-quarter net profit on weaker revenue and higher staff costs.

Net profit for the three months ended June 30, 2016, stood at S$1.14 million, compared to S$3.28 million from a year ago.

Revenue fell 16.4 per cent to S$19.4 million, due in part to a "negative market reaction" to Brexit in June 2016.

Staff costs also rose, reflecting the increased number of staff, especially in its China operation.